Fife, Wash., April 26, 2018 — RISE Properties Trust (“RISE”) (www.risepropertiestrust.com), a Canadian-based real estate trust, today announced their purchase of the Rainier Pointe Apartments near Seattle for $39,500,000.
Located at 6643 20th Street East in Fife, Wash., the 241-unit apartment property features an average unit size of 751 sq. ft. and includes a mix of one-, two- and three-bedroom units, along with robust amenities including a clubhouse, pool, fitness center and indoor basketball court. As a result of the purchase, RISE now owns a total of 11 assets in the Puget Sound region.
“RISE continues to be very bullish on the greater Seattle market long-term, and in particular we like the supply and demand characteristics of the south end,” said Barrett Sigmund, President at RISE.
Built in 1986, Rainier Pointe has excellent access to Seattle via I-5 north, and to Tacoma via I-5 south. The property also stands to benefit from several future transit-oriented developments—including a planned light rail stop within a half-mile of the property. Nearby SR 167 will soon be extended to provide further access to property residents, as well.
In addition to Rainier Pointe, RISE owns ten multi-family properties throughout Seattle and the surrounding area—including Artesia by the Lake (Everett), Bentley House (Issaquah), Borgata Apartments and Townhomes (Renton), Citywalk Apartments (Seattle), Northline Apartments (Seattle), Starboard Apartments (Kirkland), Station 9 Apartments (Lynnwood), West Ridge Park Apartments (West Seattle) and Woodcreek Apartments (Lynnwood).
The property will be managed by Thrive Communities, a Seattle based company with more than 9,000 apartments under management.
About RISE Properties Trust
RISE Properties Trust is a publicly-offered non-traded Canadian REIT focused on the US multi-family sector in the Greater Seattle area. Through management’s existing business platform and fully integrated operations, the Trust is able to acquire underperforming apartment properties and improve their operations, cash flow, and value.
About Thrive Communities
Thrive Communities is an award-winning property management firm with over 9,000 apartments under management. Their in-house renovation platform has improved over 4,000 apartments on both an occupied and vacant turn process. Thrive’s fully-integrated and hands-on, horizontal team approach ensures each asset is operating at its full potential while maximizing value for its clients.